A Homes.com survey found that existing home sales fell by 8.4%, as compared to December, in January 26, the sharpest drop we’ve seen in 4 years. Year over year, January sales of existing homes fell 3.7%. A decrease in residential sales affects the rental market as well as potential buyers stay in the rental market, until conditions become more favorable. That decreases inventory there and shortens the pool of potential tenants shopping. No Inventory hurts the purchase & rental markets by keeping the demand side off the playing field.
Here’s the article and report from Homes.com:
This is a true thing around here….When the Patriots are in the Superbowl, the residential Real Estate market extends the Winter/Christmas Doldrums until Super Bowl Monday. I’ve been in Real Estate for 16 years and it’s as reliable as physics.
The article attributes the decrease to an array of possible factors. Consumer confidence and home economic concerns are one possibility. The other is the amount of serious snow storms and ice-cold weather affecting much of the US last month. Another possibility is the serious and ongoing inventory shortage, acting to keep list prices high and growing. Personally, I say it’s a combo of all three. Around here, add the Patriots Super Bowl spot to the mix.
One last thing… I want to say a public Thank You to the Patriots for a stellar season that I thoroughly enjoyed and admittedly didn’t see coming at all. There’s been a lot of negative talk about the Pats. The Super Bowl was dismal. That said, They crushed expectations this year and look really good for the future.
Have a great long weekend and loads of fun!
Lew McConkey, Realtor/Notary
Brook Realty, Serving Whitman Hanson & Surrounding Towns
(781)252-9789
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